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Debt Settlement Loans in Dubai, UAE- What to know and how it works

Lotus > Blog > Debt Settlement Loans in Dubai, UAE- What to know and how it works

Debt Settlement Loans

Burdened by a debt can be a choking situation for you. It may be quite stressful when you’re struggling with your overdue debt. You might be trying to settle it on your own, but unable to do so. However, Debt settlement loans in Dubai can be a workable option for you. It can definitely help you to provide financial relief.

Debt Settlement Loans involve swiping out your debt by paying less than what you originally owe. You just have to pay a portion of your debt in one lump sum amount. And the remaining amount is being forgiven by your creditors. It can be a consumer friendly debt relief option for you.

How it works

Debt settlement loans in UAE work when you or your representative negotiates the debt amount with your creditor. You have to clearly state your financial position with your creditor so that they get to know why you are unable to pay your debt. If your creditor approves your settlement, then they will determine the final settlement amount for you to pay in one lump sum.

Steps of debt settlement loans

If you want to give a try to debt settlement and want to eliminate your debt, you have to follow certain steps. By following them properly you can manage your debt burden wisely.

• Discover the Debt Management Company

You have to find out the best debt management company which can help you to eliminate your debt. Their representatives are the ones who are going to negotiate with your creditors. So it’s important to find the best representative for you.

• Start saving for settlement

After negotiating with your creditors, you have to pay a settlement amount in one lump sum. So you need to start saving money for it. Then, only you will be able to pay the settlement amount to the creditors.

• Accept the settlement offer by creditor

The final settlement amount of the debt is being determined by the creditors only. Your creditors study your financial situation properly and then determine the amount.

• Pay settlement amount

If your debt settlement loan offer is finally approved, you have to pay the settlement amount in one lump sum payment. This payment sum is typically less than what you originally owe.

• Pay the fees

The representatives, who have acted on your behalf, negotiated the debt amount with the creditor demands fees for their services. So you need to pay fees for their work.

How Lotus Debt Management can help with Debt Settlement Loans in UAE

Lotus Debt Management offers you with experienced financial consultants and counselors that can act on your behalf in front of the creditors. We can discuss your financial situation and negotiate for your debt amount with the creditors for debt settlement loans Dubai. Furthermore, we can help you to attain financial relief.

For more information connect with us

+971 50 308 3722 / +971 50 797 9051 / +971 56 159 1000 / +971 55 1098039

gauravbhalla@lotusadvisoryuae.com, gauravchopra@lotusadvisoryuae.com

 

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